Has Property Prices Dropped in Bangalore Post Demonetization?

I think we all know that the use of black money is thought to be obvious in residential property. The majority of transactions need a substantial cash payment from both buyers and sellers as part of the payment structure. But this has changed since demonitisation. With the demonetisation, the "Urban Land Ceiling Act '' taking advantage of purchasing properties in large quantities and then selling them at prices that caused inflation in the value of the real estate has eventually decreased a lot. Housing has also been readily available to those in the low and middle income groups. So, if you’re wondering, has property prices dropped in bangalore post demonetization, I would say, yes, it has dropped.

Have bangalore property prices dropped?

Additionally, as money can only be transferred by legal methods these days, persons who used to skip registration records are not able to do so. Demonetization has, however, undoubtedly assisted individuals who had long dreamed of purchasing their own homes as costs in the industry have dropped. To stimulate people to spend money in the sector, the government has also considered lowering the stamp duty. Additionally, when interest rates decline, loans are becoming more available.

Property values decreased by up to 5% to 10% following the demonetization of currency. I read an article in which Hardeep Singh Puri, the minister of housing and urban affairs, insisted that the real estate industry, which is where most dirty money is invested, has benefited the most from demonetization. The greatest winners from the housing price correction have been final purchasers.

In addition to the 5–10% reduction in real estate prices in Bangalore, most developers offered freebies in the region of 5-7% over the past year. Overall, the sector experienced a price adjustment of up to 15%.

The research also showed that the average resale price of real estate fell by 10-15% in Bangalore just after demonetisation. The repair has already taken place in the case of properties that are ready to move into.

With the exception of Gurgaon, which has seen a 72 percent increase in new launches YoY in the inexpensive class, new launches have declined since January throughout the top 10 cities, including Noida, Pune, Mumbai, Chennai, Hyderabad, Bengaluru, and Ahmedabad.

The ministry is optimistic about future price reductions and the expulsion of dishonest actors from the market. The RERA's implementation will bring openness to the industry, and the effects of demonetisation will herald in a new era for the Indian real estate market.

I hope now you have your answer to has property prices dropped in bangalore post demonetization or not.